• Short Summary

    After a meeting of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) in the Austrian capital, Vienna, on Friday (13 December), it was announced that the price of crude oil had been raised by 38 US cents (about 16 pence sterling) a barrel.

  • Description

    After a meeting of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) in the Austrian capital, Vienna, on Friday (13 December), it was announced that the price of crude oil had been raised by 38 US cents (about 16 pence sterling) a barrel.

    The decision was announced by the Iranian Interior Minister, Dr. Jamshid Amouzegar, who also said that this price would remain stable for the next nine months.

    OPEC's decision means that each barrel of crude oil will now cost 10.45 US dollars until October 1975 -- regardless of inflation. The hew single market price replaces the present complex structure of crude oil prices, but at first will apply only in those OPEC countries with 100 per cent ownership of their oil. It will be extended to other countries as and when they had achieved full ownership of oil resources.

    Friday's 4 per cent increase follows a 33 US cents increase (about 13 pence sterling) enforced by OPEC in September. At present OPEC supplies about 85 per cent of the oil imported by Western Europe, Japan and the United States.

    Dr. Amouzegar announcement came when he was interviewed by reporters as he left the OPEC meeting. Part of what he said appears on film.

    A transcriptfollows:

  • Tags

  • Data

    Film ID:
    VLVA8NA4LKHERR5NN21XQV6R55K55
    Media URN:
    VLVA8NA4LKHERR5NN21XQV6R55K55
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    13/12/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:50:00
    Time in/Out:
    /
    Canister:
    N/A

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